Answers
Answer:
The equivalent units of production:
Materials = 22,500
Conversion Costs = 21,750
Explanation:
Total equivalent units for a cost component = A + (B x C)
Where
A = units transferred out to the next department/finished goods
B = units in closing work in process
C = percentage of completion with respect to the relevant cost component
By applying above formula the equivalent units of production is calculated as under:
Materials = 21250 + (1250 x 100%) = 21250 + 1250 = 22500
Conversion Costs = 21250 + (1250 x 40%) = 21250 + 500 = 21750
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